One of the first questions posed to us by local advisors (investment managers, law firms, accounting firms, trustees) and by their clients is, What is the definition of a US Person for tax purposes? The US tax system imposes its income tax on “US Persons”; and the tax reaches all forms of income and gains […]

The SECURE Act passed by Congress in December 2019 made important changes to retirement plans, but it also made a change to the ‘Kiddie Tax’. Before the Tax Cuts and Jobs Act (TCJA), children with unearned income paid no tax on the first $1,100 of unearned income, and the next $1,100 was taxed at the […]

HM Revenue and Customs (HMRC) is warning the public about a high-profile phone scam that is conning vulnerable and elderly people out of thousands of pounds. The scammers are preying on victims by cold calling them and impersonating an HMRC representative. The caller informs them that they owe large amounts of tax which they can […]

The US Senate Finance Committee introduced its version of a tax plan on November 9, 2017 in the continued efforts of US tax reform. Although similar to the House bill introduced on November 2, 2017, there are enough differences to ensure a significant battle over the next few weeks. The highlights of the House bill […]

As a result of an intergovernmental agreement signed in London on October 10 by Chief Minister Allan Bell and HM Treasury Exchequer Secretary David Gauke, the Isle of Man became the first British dependent territory to sign an agreement with the United Kingdom extending the automatic disclosure of tax information. The agreement is based on […]